The European Commission has recently approved the establishment of an automotive aluminum sheet joint venture between Baoshan Iron & Steel Co., Ltd. (Baosteel), Baowu Aluminum Technology Co., Ltd., and Kobe Steel, Ltd. of Japan. This move aims to meet the growing demand for lightweight materials in the automotive industry, especially in the manufacturing of new energy vehicles, where aluminum alloys are highly favored due to their lightweight and environmentally friendly characteristics.
The joint venture, tentatively named Baosteel Kobe Automotive Aluminum Sheet (Shanghai) Co., Ltd., is registered in Shanghai with a capital of nearly RMB 900 million. Kobe Steel Investment Co., Ltd. holds a 50% share, while Baosteel and Baowu Aluminum Technology jointly contribute to the remaining 50% of the shares. The joint venture will focus on supplying aluminum sheets to domestic automotive manufacturers and leverage the advantages of the three parties in production and marketing to build a high-quality production system for aluminum sheets used in automotive bodywork.
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